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Both WTI and Brent crude oil prices fell by more than 1% during the day, currently trading at $73.94 per barrel and $76.91 per barrel, respectively.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. The Ministry of Commerce, together with relevant departments, will ensure the implementation of the measures outlined in this document, working in conjunction with the pilot reforms of automotive circulation and consumption, and promptly addressing difficulties and demands raised by local governments and enterprises. All regions should improve their working mechanisms, earnestly ensure the implementation of relevant measures, strengthen guidance and resource guarantees for relevant pilot cities, make good use of existing fiscal channels, support the cultivation and development of automotive aftermarket service consumption scenarios, and encourage pilot cities of new consumption formats, models, and scenarios to include eligible consumption scenarios in their support scope, ensuring the smooth progress and effectiveness of all work. Relevant pilot cities for automotive circulation and consumption reform should, in accordance with the requirements of this notice, focus on key areas, implement pilot tasks according to local conditions, and quickly develop a number of replicable and scalable best practices to continuously cultivate and expand automotive aftermarket consumption.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. Among these measures, it was proposed to support the integration and upgrading of the car rental industry. The notice calls for cultivating and strengthening operating entities, promoting the deep integration of rental companies with the automotive industry, and streamlining the industry chain through models such as centralized procurement, buybacks, used car dealerships, and used car exports. It also supports eligible car rental and battery operators in enjoying loan interest subsidies and other policies. Furthermore, it encourages car rental companies to develop in a branded, chain-store, and large-scale manner, improves the service network for small and micro-sized passenger vehicle rentals, supports diversified service model innovation such as "one-way rental" and "rent-to-own," and promotes innovation in car rental insurance products, improving insurance services and reducing car ownership costs for consumers.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. Among the measures is the construction of a multi-tiered automotive racing system. This system will be led by renowned racing events, promoted by professional racing events, and popularized through experiential racing events. The notice will leverage the advantages of the new energy vehicle industry to cultivate a number of nationally renowned new energy vehicle racing brands with core competitiveness, and strengthen intellectual property protection. It will support pilot cities for automotive circulation and consumption reform to introduce internationally renowned racing events according to local conditions, improve and streamline the import and export processes and models for racing cars, and strengthen the localization and innovation of introduced events. The notice also calls for the creation of several national-level automotive sports consumption venues, strengthening comprehensive support capabilities in areas such as venue facilities, technical services, and event operation.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. The notice proposes supporting the development of the RV camping industry, improving the environment for RV traffic and use, supporting local governments in optimizing RV road traffic management policies, simplifying the land approval process for RV campsites, and improving the level of supporting services at RV campsites. It encourages the construction of a number of high-standard, multi-functional RV campsites along scenic routes and in suburban areas, in conjunction with regional cultural and tourism resources, and improving supporting services such as maintenance and supplies, water and electricity supply, medical rescue, and catering and accommodation. It also calls for optimizing RV campsite signage and publishing high-quality RV tourism routes. When cities build or renovate public parking lots, where conditions permit, they can set up dedicated parking spaces for self-propelled RVs and towed RVs and strengthen management to better meet RV parking needs.

WTI stays in positive zone despite a dip in Asia

Jan 10, 2023 14:43

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West Texas Intermediate, or WTI, is down during the Asian session, losing about 0.4% at the time of writing amid optimism that China's demand will increase after the government set new import limitations. However, overnight and at the start of the week, the news provided economic support for its faltering economy, while the US Dollar sank, allowing investors to enter the black gold rise at a lower cost.

 

China has reopened its borders to international visitors for the first time since March 2020, when it implemented travel restrictions. Elsewhere, China has continued to demolish a large portion of its draconian zero-COVID movement regulations. According to the BBC, incoming travelers will no longer be required to be quarantined, marking a dramatic change in the country's Covid policy as it fights an outbreak. They will continue to require documentation of a negative PCR test conducted within 48 hours after flight.

 

As a result, oil prices increased early on Monday in anticipation of an uptick in demand from China, as the nation set new import curbs and offered economic support to its faltering economy. Last observed, spot West Texas Intermediate crude was priced at $ 74.57 per barrel.

 

ANZ Bank analysts explained: "China announced a new batch of import limits, an indication that the world's largest importer is gearing up to meet increased demand."

 

"The relaxation of COVID-19 regulations has already increased travel. According to the Ministry of Transport, approximately 34.7 million domestic journeys were made on the first day of the Spring Festival travel rush. This is around 40% higher than comparable days in 2022. Approximately 2.1 billion trips are anticipated during the next 40 days. This comes amid tightened supply,'' the analysts added.

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